Disclaimer

This English version is a translation provided for convenience only. In the event of any discrepancy between the two versions, the German text of this page is the legally binding one.

The background information, market assessments and securities analyses that Carsten Schmider publishes on his websites and in his newsletters constitute neither an offer to sell the listings discussed nor an invitation to buy or sell securities. The material is based on sources the publisher considers trustworthy. Liability for financial loss that may result from relying on this material, or on the discussion of individual shares, when making one’s own investment decision is nevertheless categorically excluded. We would point out that equity investments are without exception associated with risk. Any transaction in warrants, leveraged certificates or other financial products carries extremely high risk. Political, economic or other changes may lead to substantial price losses and, in the worst case, to the total loss of the capital employed. With derivative products the probability of extreme losses is at least as high as with small-cap shares, and even large domestic and foreign equities can suffer severe price losses up to total loss. Any claim to liability, including for foreign share recommendations, derivatives and fund recommendations, is therefore excluded without exception. Before any investment decision you should seek further advice (for example from your bank or an adviser you trust). Although the assessments and statements contained in Carsten Schmider’s analyses and market commentaries have been prepared with appropriate care, we accept no responsibility or liability for errors, omissions or incorrect information. The same applies to all accounts, figures and
assessments expressed by our interview partners.

All statements made in these reports, other than historical facts, should be understood as forward-looking statements which, because of substantial risks, may well not prove correct. The author’s statements are subject to uncertainties that should not be underestimated. There is no assurance or guarantee that the statements made will in fact come to pass. Readers should therefore not rely on the statements of Carsten Schmider Media Relations Publishing and buy or sell securities solely on the basis of having read a report. Carsten Schmider is not a registered or licensed financial adviser. All texts here, in particular market assessments, share appraisals and chart analyses, reflect the personal opinion of the editor, which is protected by Article 5 of the German Basic Law, and must on no account be construed as investment advice. They are therefore purely individual views, with no claim to a balanced treatment of the subject. Before investing in securities or other investment opportunities, everyone should consult a professional investment adviser and ask whether such an investment makes sense or whether the risks are too great. Carsten Schmider accepts no responsibility for the accuracy and reliability of the information and content contained in the reports or on our website, distributed by Carsten Schmider, or reachable via hyperlinks from Carsten Schmider Media Relations Publishing (hereinafter “the Service”). The reader hereby confirms that they use all materials and content at their own risk and that Carsten Schmider accepts no liability. Carsten Schmider reserves the right to alter, improve, extend or remove the content and materials made available on the pages of Carsten Schmider Media Relations Publishing without notice. Carsten Schmider expressly excludes any warranty for the Service and the materials.
The Service and the materials, together with the related documentation, are made available to you “as is”, without warranty of any kind, whether express or implied — including, but not limited to, implied warranties of merchantability, fitness for a particular purpose or non-infringement. The entire risk arising out of the use or performance of the Service and the materials remains with you, the reader. To the fullest extent permitted by applicable law, Carsten Schmider cannot be held liable for any special, incidental or indirect damages or consequential loss (including, but not limited to, lost profit, business interruption, loss of business information or any other financial loss) arising from the use of, or the inability to use, the Service and the materials. The Service provided by Carsten Schmider must on no account be understood as personal or even general advice. Users who make investment decisions or carry out transactions on the basis of information presented by, or ordered from, Carsten Schmider Media Relations Publishing act entirely at their own risk. Information sent by Carsten Schmider, or otherwise connected with it, therefore gives rise to no liability whatsoever. We expressly point out that the contributions published are not financial analyses within the meaning of German capital markets law, but journalistic and promotional contributions.

Disclosure of interests:

The recommendations, interviews and company presentations published on the websites of Carsten Schmider Media Relations Publishing serve promotional purposes without exception and are paid for by the companies concerned or by so-called third parties. For that reason the independence of the analyses must be called into question. By definition they are merely
information.

This also applies to the share recommendations currently published on the website. The preparation and distribution of the reports was commissioned and paid for by the companies concerned or by parties close to them. Under the law this constitutes a conflict of interest, to which we hereby expressly draw your attention.

Carsten Schmider Media Relations Publishing and/or affiliated companies have entered into a paid agreement with the companies in question, or with their shareholders, for the preparation of the editorial coverage. Under the law this constitutes a conflict of interest, to which we hereby expressly draw your attention.

We hereby point out that the clients (third parties) commissioning Carsten Schmider’s publications hold, at the time of publication, holdings in securities or shares of the companies discussed in the respective publications. There is an intention, in direct connection with this publication, to sell those securities and to participate in rising prices and turnover, or to acquire further securities at any time. Carsten Schmider therefore acts in cooperation with, and on the paid instruction of, other persons who themselves hold significant share positions. Under the law this constitutes a
conflict of interest, to which we hereby expressly draw your attention.

The publications of Carsten Schmider Media Relations Publishing should therefore not be regarded as independent financial analyses, let alone as investment advice, since substantial conflicts of interest exist. The prices for the securities discussed that are stated in the respective publications of Carsten Schmider Media Relations Publishing are,
unless otherwise indicated, the closing prices of the last trading day before the respective publication.

Because other research houses and stock market letters also cover the security, a symmetrical generation of information and opinion arises during this period.

It should of course be borne in mind that the securities presented here fall into the highest conceivable risk class for equities. The companies have no revenues as yet and are at early-stage level, which is as appealing as it is risky. Their financial position is still loss-making, which markedly increases the risks. Capital increases that become necessary may also cause short-term dilution at the expense of investors. Should the companies fail to open up further sources of finance over the coming years, insolvency and delisting may even follow.

There is no guarantee that the forecasts of the experts and of management will in fact prove correct. These shares are therefore a bill drawn on the future. As with any micro cap, there is a risk of total loss should management’s high expectations fail to materialise within a foreseeable period. These securities are accordingly suitable only as a dynamic admixture within an otherwise well-diversified portfolio. Investors should follow the news flow
closely and have the technical prerequisites for trading in penny stocks. The thin market typical of the segment makes for high volatility. My recommendations are addressed only to experienced professional traders, and not to inexperienced or low-risk investors.

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Carsten Schmider, Magister Artium